U.S. Attorney Conner Eldridge says the pleas were entered in Fort Smith on Thursday by Allen Wichtendahl.

Court records indicate that in July 2009, Wichtendahl solicited individuals to invest in parts of a company called New Vision Technology. Wichtendahl claimed the company sold products in Bulgaria and planned to build a power plant, sell tractors, and establish a cassava processing facility in Nigeria.

Prosecutors allege Wichtendahl did not disclose to investors that most of the money was used for personal living expenses. He was charged in a thirty-six count indictment on June 5.

He faces up to 20 years on the fraud counts and 10 for money laundering.